Legal, Tolerated, Illegal: IVS Market Value Definition and the Legally Permissible
Solve Baerug
The article argues that we would be better off with a wider interpretation of the requirement of legally permissible use than the wordings in paragraph 32 in the current IVS 2013 standards indicates. That would especially be necessary in informal markets, which typically will be found among low income owners in the developing countries. Especially in informal markets, the situations might be somewhere in the spectrum from clear illegality to some extent of tolerated use or use which seems locally ?legally? permissible, but is not considered legal by the government or other authorities. The author point at two reasons for a wider interpretation. The first is that a strict interpretation will render the valuer without comparables in most informal markets and several other markets, including some market segments in developed countries. The second is that a strict interpretation will render the market value definition irrelevant for most purposes and actors in such markets. To demonstrate that these issues are not only relevant in informal markets, some examples are given from formal markets in developed countries.
Event: FIG Working Week 2017 : Surveying the World of Tomorrow : From Digitalisation to Augmented Reality
Only personal, non-commercial use of this document is allowed.